Laboratory Corporation of America Holdings (NYSE:LH) agreed to acquire Certain Outreach Laboratory Assets of Ascension Health, Inc. for approximately $400 million on February 9, 2022. The assets have annual revenues of approximately $150 million. The transaction is subject to customary closing conditions and applicable regulatory approvals. The parties anticipate that the transaction will close in the first half of 2022. The transaction is expected to be accretive to the Laboratory Corporation of America earnings in year one and return its cost of capital by year two. Claire E. Castles; Joseph Melnik, Tom E. Dutton and Andrew Jack of Jones Day acted as legal advisors to Ascension Health. Mahvesh Qureshi, Derrik Forshee, Lee Berner, Carin Carithers, Mike DeLarco, Allen Hicks, Jasper Howard, William Intner, Scott Loughlin, Leigh Oliver, Audrey Haroz Reed, Scott Reisch, Michael Silver, Cullen Taylor, Ronald Wisor, Helen Trilling, Robert Baldwin and Brooke Bumpers of Hogan Lovells US acted as legal advisors to Laboratory Corporation of America Holdings.

Laboratory Corporation of America Holdings (NYSE:LH) acquired Certain Outreach Laboratory Assets from Certain Outreach Laboratory Assets on October 3, 2022. As a part of the companies' strategic collaboration, Labcorp purchased select assets of Ascension's outreach laboratory business and will manage the health system's hospital-based laboratories in Alabama, Florida, Kansas, Maryland, Michigan, New York, Oklahoma, Tennessee, Texas and Wisconsin.